Plaza Wires IPO Day 2: Offer subscribed 27.78 times, retail portion booked 118.24 times

Plaza Wires IPO opens for second day of bidding

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Plaza Wires' Rs 71-crore initial public offering (IPO) is in demand, with the offer was subscribed 27.78 times by October 3, the second day of bidding. Investors bought 26.37 crore equity shares against an offer size of 94.96 lakh.

Retail investors bid aggressively, buying 118.24 times their allotted quota of shares, their highest participation in the IPOs in the last two years. Nureca was the last IPO to see a retail subscription of over 100 times. The retail portion was subscribed 113 times in September 2021.

High networth individuals bid 53.06 times the portion set aside for them but the response from qualified institutional investors remained muted, with only 42 percent of their quota reserved so far.

The Delhi-based wires manufacturer has reserved 75 percent of the offer size for qualified institutional buyers, 15 percent for high networth individuals, and the remaining 10 percent for retail investors.

The Rs issue, which closes on October 5, was subscribed 4.69 times on the first day of bidding on September 29. The price band for the offer is Rs 51-54 a share.

Also read: Vaibhav Jewellers makes a muted debut: Should you buy, hold, or book profit?

The offer comprises only a fresh issue. The company has raised Rs 20 crore from two anchor investors, Chanakya Opportunities Fund I and Astrone Capital UCC-Arven.

Of the proceeds, the company will use Rs 24.41 crore for setting up a new unit for house wires, fire-resistant wires & cables, aluminum cables, and solar cables to expand the product portfolio. Another Rs 22 crore will be utilised for meeting the working capital requirements and the remaining for general corporate purposes.

Also read: JSW Infra IPO: Strong listing at 20% premium to IPO price; should you buy, sell, hold?

Plaza Wires' IPO shares were available at a premium of around 20-40 percent over the upper price band, in the grey market, analysts said. The grey market is an unofficial platform for trading in IPO shares till the listing day.